Why Banks Should Be Targeting Hispanics

Savvy bankers understand that it is important to establishing relationships with foreign-born Hispanics at the beginning of the acculturation process. Education is an important part of the dialogue. While many consumers are familiar with fast food restaurants because they come from countries where Burger King operates, this may not be true when it comes to financial services. Many immigrants did not have bank accounts in their native countries, so banks and credit unions need to educate Latinos about the benefits of having an account.

• Advertising is key. Businesses that advertise are seen as more credible, particularly among more recent or less educated immigrants. Most cities now have several Spanish-language newspapers and radio stations where advertising can be run fairly cheaply.

• Word of mouth strongly influences purchase decisions. Positioning a bank, S&L, or credit union as Hispanic-friendly will quickly become known in the community. Sponsor an event, and join the local Hispanic Chamber of Commerce. A check cashing company in Nashville gives out cold bottles of water at construction sites during the summer. Guess where the workers go every Saturday to cash their checks and buy money orders?

• Testimonials from satisfied customers are a powerful tactic. Use them in ads, brochures, and direct mail.

• Bilingual signage and customer service personnel show that you respect and appreciate your Hispanic customers.

Eventually, the "unbanked" Hispanics will open a bank account and that will lead them to use other services, like loans to buy homes or cars. Will your bank be top of mind?

By Janine Libbey, Partner, P & L Translations

To learn more about how you can use translations as an effective business strategy, visit http://www.pandltranslations.com/. P & L Translations, located in Nashville, TN specializes in translations and bilingual copywriting services for organizations and companies targeting new markets and new consumer groups. Put a new accent in your business.

How to Recognize a Fake Grant

Government grants have become more and more popular and they are offered by the Federal Government as well as the state and local government to assist the citizens to overcome financial hardship during the economy crisis. However, nowadays, there are many fake grants in the market. Many people have been trapped and they lost their money. Here are some important tips to assist you to avoid yourself from irresponsible scammers.

The very first thing you need to take note is government would NEVER hunt for you to offer you free money. If someone calls you to inform that you are awarded a grant, it is 100% fake. NEVER entertain the phone calls.

Secondly, bear in mind that all government grants are free. You don't need to pay any single cent to obtain the grants. You can download all the necessary forms from the government official website for free. There is no application fee required during the submission of grants. What you need to do is to submit your application and wait for the approval. If someone offers you a grant with a sum of processing fee, it can be concluded that the grant is not genuine.

Although government grants are given to citizens who are in need, this free money is not meant for personal debt assistance. It is totally impossible for you to obtain grants for settling your personal debt, purchasing house or car, going for vacation, etc. If you come across these types of grants, please remind yourself that they are fake grants.

In normal circumstances, grant application processes are usually complicated and lengthy. It is totally not possible for you to obtain grant within one day. NEVER make any payment to speed up the process.

No matter how desperate you are in obtaining financial assistance, you need to be alert always and avoid yourself from being a victim of fake grant.

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Financial Perspective

Why you need a Financial perspective?

When crafting mission statements which outline their core purpose, and vision statements that create a word picture of the desired future, the vast majority of organizations eschew direct financial aspirations and focus, rightly, on their core purpose; their contribution to society. So, if our mission and vision statements reflect our true north values, why do we need a financial perspective of performance within the Balanced Scorecard? Can't we simply focus on our customers and assume the money-making will take care of itself?

Every business committed to success will always be 110% committed to their customers and intent on achieving their vision and fulfilling their mission. However, as for-profit companies that answer to shareholders requiring a return on their investment, you must ensure that an unrelenting focus on customers - whether through new products, great service, or an industry-leading technological infrastructure (or maybe all three) - leads to improved financial results.

It is only by performing well financially that you are able to invest in your people, processes, and technology to continue helping all of your customers achieve their goals. But how do you know if you are performing well financially? The Financial perspective of the Balanced Scorecard gauges financial success from the perspective of your shareholders and gives you the tools to track your success over time. Let's now take a look at what might comprise the Financial Perspective.

A look inside the Financial perspective

Did you know that one of the world's oldest banks, founded in 1472, is an Italian entity called Banca Monte dei Paschi di Siena? Good thing there was no radio or television back then - imagine trying to come up with a jingle for that mouthful! While much has changed in banking and every other human endeavor since 1472, when it comes to monitoring their financial performance most companies still focus on just a few critical elements.

First and foremost, all companies must create value for their shareholders, those who provide the capital required to manage operations efficiently and effectively. As long as people have been lining up at the Banca Monte dei Paschi di Siena there have only been two ways to make money, and hence create that highly sought after shareholder value: sell more and spend less. Thus, the Financial perspective is typically populated with objectives and measures relating to driving revenue growth; selling more products and services to customers or creating entirely new products and services to market, and maximizing productivity; lowering costs and utilizing assets under the firm's control as efficiently as possible.

Some companies will see these options of revenue growth and productivity enhancements as an either/or proposition, with a focus on one relegating the other to obscurity. They do so at their peril. In today's highly competitive environment all companies must balance these competing demands, constantly surveying the horizon for new revenue opportunities while simultaneously driving out costs and enhancing value for customers. Only then will they create the value shareholders demand and possess the financial resources necessary to focus on customers and achieve their vision and strategy.

So if the Financial perspective focuses on objectives and measures relating to a company's effectiveness in delivering shareholder value, growing revenue, and enhancing productivity, what do you suppose the Customer perspective focuses on? You got it, customers!

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